Léon Walras: what "cutes" know and what they should know

J. A. Hans Maks and Jan van Daal
Additional contact information
J. A. Hans Maks: Maastricht University [Maastricht]
Jan van Daal: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: "The general idea among contemporary university-trained economists ("cutes") of what Léon Walras (1834-1910) has contributed to analytical economics may be summarised in modern notation as follows: Let a system of equations be given: e(p) = 0, where the symbol p denotes an n-dimensional vector of prices of goods brought to the market and e is a vector-valued function of the prices representing the n excess demands in the market for the goods. The equation expresses market equilibrium and the generally accepted view seems to be that there is a so-called auctioneer who takes care that such an equilibrium will occur. To that end, he, the auctioneer, announces an initial vector p′ of prices. The people who bring the goods to the market in order to exchange (part of) them for other goods react on these initial prices by establishing certain quantities of goods demanded or supplied."

Keywords: Léon; Walras (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

Published in Backhaus, Jürgen Georg ;. Handbook of the history of economic thought : insights on the founders of modern economics, Springer, pp.465-494, 2012, The European heritage in economics and the social sciences

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00734198

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().